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Vietnam earmarks US$27 billion for public investment in 2024, mainly infrastructure

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh, speaking at a meeting on infrastructure projects of national importance today, February 16, said that the Government has set aside around VND657 trillion (nearly US$27 billion) for public investment this year, with more than two-thirds of the amount going to infrastructure projects.

He called for ministries and agencies to accelerate the construction of key infrastructure projects nationwide this year.

Disbursement of public investment in infrastructure projects will not only help reduce logistics costs and lower input expenses but also enhance the competitiveness of local businesses, he said, adding it would contribute to developing industries, services and urban areas.

The disbursement target is at least 95%.

He expressed concern that a couple of projects are falling behind schedule due to time-consuming procedures and site clearance, and poor coordination among relevant parties.

Solutions are needed to expedite construction work while ensuring quality and addressing bottlenecks in official development assistance (ODA) loan disbursement and the use of sea sand for infrastructure development projects, he said.

Currently, there are 34 major infrastructure projects and 86 components under construction in 46 cities and provinces nationwide, including five railway projects, two airports, and multiple expressways and beltways in HCMC and Hanoi.

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